DLFNSEMay 20, 2025

DLF Limited

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Management on call

Ashok Kumar Tyagi

Managing Director, DLF Limited

Sriram Khattar

Vice Chairman and Managing

Aakash Ohri

Chief Business Officer and Joint

R. P. Punjani

09810655115/ punjani-rp@dlf.in

Nikita Rinwa

09069293544/ rinwa-nikita@dlf.in

Ashok Tyagi

MANAGING DIRECTOR – DLF LIMITED

Badal Bagri

GROUP CHIEF FINANCIAL

Key numbers — 40 extracted

INR 21,000 crore

ong performance across the board. Our sales, as you know, have been, I think, our highest ever of INR 21,000 crores plus. We had collections of almost INR 11,750 crores, and operating cash surplus of INR 2,300 cr

INR 11,750 crore

now, have been, I think, our highest ever of INR 21,000 crores plus. We had collections of almost INR 11,750 crores, and operating cash surplus of INR 2,300 crores in the quarter and a total INR 6,200 crores cash

INR 2,300 crore

21,000 crores plus. We had collections of almost INR 11,750 crores, and operating cash surplus of INR 2,300 crores in the quarter and a total INR 6,200 crores cash surplus in the year. Our rating outlook had a

INR 6,200 crore

most INR 11,750 crores, and operating cash surplus of INR 2,300 crores in the quarter and a total INR 6,200 crores cash surplus in the year. Our rating outlook had a strong PAT of INR 4,350 crores this year, whi

INR 4,350 crore

ter and a total INR 6,200 crores cash surplus in the year. Our rating outlook had a strong PAT of INR 4,350 crores this year, which again is the highest for a long time now. There was one more metric that a lot

10.2%

uble-digit ROE territory and you will be very happy to note that this year, we have had an ROE of 10.2%. So, we have crossed over to the double-digit category. And hopefully, we will keep on improving

44 million

ion of DCCDL, DLF and Atrium Place. And this total portfolio now has operating assets of about 43-44 million square feet. And as you know, the pipeline is there for the next year, 18 months, this will go up

rs,

ear, 18 months, this will go up further. The vacancy levels, as I had mentioned in the last quarters, are down to 6% which we had said we were targeting towards. And I am further pleased to say that i

is will go up further. The vacancy levels, as I had mentioned in the last quarters, are down to 6% which we had said we were targeting towards. And I am further pleased to say that if you take the

5.5 million

als should start in another 3 to 4 months' time. The construction of Downtown Gurgaon, which is 5.5 million square feet of offices and 2 million of retail is in full swing, and the construction of 3.5 mill

2 million

nths' time. The construction of Downtown Gurgaon, which is 5.5 million square feet of offices and 2 million of retail is in full swing, and the construction of 3.5 million in 2 towers in Taramani is also i

3.5 million

million square feet of offices and 2 million of retail is in full swing, and the construction of 3.5 million in 2 towers in Taramani is also in full swing. These are 2 very large and game-changing projects,

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Guidance — 20 items

Ashok Tyagi

opening

“There was one more metric that a lot of investors and analysts used to task us, which was that you must now over time, get into a double-digit ROE territory and you will be very happy to note that this year, we have had an ROE of 10.2%.”

Sriram Khattar

opening

“And as you know, the pipeline is there for the next year, 18 months, this will go up further.”

Sriram Khattar

opening

“These are 2 very large and game-changing projects, Downtown Gurgaon once completed, will be a multiuse development of 12 million, and Downtown Taramani will be 7- 7.5 million square foot development.”

Sriram Khattar

opening

“The first Phase of 2.1 million is we expect the OC in the month of July and 1 million, we expect the OC in quarter 4 of FY '26 or quarter 1 of FY '27.”

Sriram Khattar

opening

“It's really February, March, April next year target.”

Sriram Khattar

opening

“Summit Plaza, which is the Plaza in DLF Phase-5, we expect the OC to come in about 2 -2.5 months' time.”

Sriram Khattar

opening

“And Promenade, Goa, we expect the OC to come in another about 4 to 5 months.”

Pritesh Sheth

“So, INR 17,000-odd crores of launches planned for next year.”

Aakash Ohri

“So, there will be something, say, in Q4, but at this point of time, we won't be able to speculate on that or to confirm.”

Pritesh Sheth

“Now whatever we do will be 2, 3 years later?”

Risks & concerns — 2 flagged

And in some sense, the rental business provides stability and gradual increase, while the development business basically is the one where you take risk, hopefully grow a lot and then unfortunately, also encounter a few cycles when it happens.

— Ashok Tyagi

So that entire pressure that we used to have earlier of being caught in a down cycle with no debt.

— Ashok Tyagi

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Q&A — 15 exchanges

Hope, I am audible?

Management

Perfect.

Pritesh Sheth

Thanks for the opportunity and congrats on a great year across the residential and commercial segment. First question is on the launches. So, INR 17,000-odd crores of launches planned for next year. Obviously, a few of them we know, which is Privana, third phase, Mumbai and Goa. If you can share, apart from these three, what are the other launches, which are planned, specifically interested to know whether do we have launches planned for DLF City or IREO Land towards the later part of the year? That's my first question, yes. So, right now we have got these 3 big launches in the pipeline. Then

Yes. Thank you. Can you hear me?

Management

Hello, Mr. Tyagi, hello Khattar sir, hello Mr. Ohri and Badal. First of all, I just wanted to congratulate for a phenomenal result. And then I have literally one question, which is if you can guide us about your operating cash flow outlook for FY '26 FY'27 as well as CAPEX, including construction that will be helpful for us to think about for the next couple of years.

Ashok Tyagi

Okay. So, Praveen, thank you. As you know, we typically do not guide in a very specific manner on the forward-looking detailed financial data. But if you have seen now for the Fiscal‘25, I think our total free cash flow was INR 6,200-odd crores. And now it's running at a rate of maybe this quarter was a slight hike because of One Midtown completion. But it's clearly running at INR 1,500 crores per quarter sort of a run rate, if you will, which should only keep on growing over time. So, you could make your own assumption basis that. What was the second question? I am sorry. It was mostly about

Hi. Good afternoon. Congratulations for great set of numbers. So, my question is on the housing demand in Gurgaon. If we, let's say, want to meet our whatever we have done in FY '25 numbers, we would need a significant absorption in the new launches, etc., that we plan to do in FY '26. So just wanted to get your thoughts on how do we see, one, launches and housing demand? And second, your outlook on the pricing front? Thank you.

Aakash Ohri

So housing demand for good houses and DLF has got its own diaspora. So, housing demand for quality products is continuously there. And also what is happening in Gurgaon today has become a very solid investment option too. And why I am not just saying building investment options, but people are monetizing it through rentals and all that because of the large Cyber City that exists with the major workforce that exists in Gurgaon and so many other things that the city today is and the employment matrix is almost No. 1 in the top 3 in the country. So, there is housing demand for sale as well as ren

Hi. Congrats on a strong quarter. Tyagi sir, any guidance for presales that you would like to give for next year?

Ashok Tyagi

Any guidance for sales? Presales. Okay. So, if you could recall, Abhinav, when you were here in March, and we had that big Analyst Day, we had said that we would continue to be broadly at this level, what we have achieved last year. So, I still say that we should be in the 20,000 to 22,000 range for next year. But again, as Aakash has consistently outperformed in the last 3 years, I don't see why he can't again. But right now, our guidance will be 20,000 to 22,000. Sir, also on cash collections, we have had a very strong year. And do you think that we will sortof have a 30 billion quarters now

Hi. Am I audible?

Ashok Tyagi

Yes Akash. Hi, everyone. Congratulations on a great set of numbers. Sir, my first question is on the timing of the launches for Privana and the Bombay project and the next Phase-of Dahlias. So how are we looking at these timing of launches? The timing of launches are now in Q1 and for the first two, Privana and Bombay we are working towards the Q1 story. And Dahlias, obviously, as I mentioned to you, once the experience center is ready, which should be some time in November -December, we will then do the show and tell and bring it . In fact, this particular thing, the main launch is slated for

Okay. I think it was answered in a bit in the previous question, just on Privana again, previous 2 phases has been sellout with the kind of expectations that's already built in since we are closer to launch. If not during launch, but if there is a demand, would we still look to sell it out by this year? What's your base expectation for Privana North for this year? And similar question for Mumbai as well. We have been hearing about a lot of demand coming from NCR and especially from Gurgaon as well for Mumbai project, but just your initial thoughts on the kind of interest that we have got for M

Aakash Ohri

Yes. So you're right, Pritesh, so a DLF product today is agnostic to geography in terms of investors. So today, you are looking at various sets of people who are wanting to pick up a DLF home. And as I said previously also why they're looking at, because these are not dead assets. Not only do they make money in capital appreciation, but they also, you know, once you lease them out, you have recurring income also. So it's like good for both investors, to people who want to live in them. So today, right now, as I see it, there is a sizable demand. I can't go beyond that today to explain to you,

Very good afternoon. Am I audible?

Management

Thank you very much for this opportunity. Great numbers, great performance. And year-on- year, as the MD mentioned that it's been an incremental improvement year-on-year. So all that's like very good news. See, the thing is that my question was a little long-term-ish in nature. And I wanted to understand how is the management attempting to build DLF into a structural business, not a hardcore cyclical business that a typical real estate development business is. See, you're a great brand, okay? So that's a great strength that you have an advantage of, also a great rental business, the biggest in

Ashok Tyagi

Yes. So Manish, a very interesting question, frankly. Clearly, we have 2 parts of the business, the development and the rental business. And in some sense, the rental business provides stability and gradual increase, while the development business basically is the one where you take risk, hopefully grow a lot and then unfortunately, also encounter a few cycles when it happens. So, A) the combination of these 2 provides natural institutional hedge against a completely all or nothing story, which may impact developers who are only in one side of the business. That is clearly one. B) from an inst

Yes.

Ashok Tyagi

Thank you. So Manish, first of all, obviously, while our sales are running at this INR 20,000 crores approximately levels, I think we internally chase 2 metrics, which is, A) the free cash flow that we are generating; and B) the embedded margins that we are generating. You could have developers who are doing INR 35,000 crores of sales and generating embedded margins of maybe INR 7,000 crores, while there are developers who are INR 20,000 crores, can generate embedded margins of INR 12,000 crores. We would like to be in the latter category. So, we clearly want to be in a situation where our emb

Yes. Hi, thanks. Good evening. Sorry, I just missed the time lines on launches of Goa and IREO. And also if you can comment on our Delhi subsequent phases as what will be the time line of launching that?

Ashok Tyagi

Kunal, half of your question, I think, was muted at that time. So can you please repeat? Am I audible now? Yes sir. Yes. Sir, I just wanted the time line for launches of Goa, IREO and also the Delhi subsequent phase? So IREO, I think we should be in a position, hopefully, with all the approvals. IREO was, as you know, it's 8.5-acre parcel, but it is 2 distinct parcels. So, I think we should hopefully have all our approvals done sometime this year. And if all goes well, IREO pieces should be launched next fiscal. Mumbai, we have completed OneMidtown apart of some residual sales that remain. So,

Thanks for the follow up. First question on Dahlias. What are the price points we are at right now? And what could be that jump when we relaunch in 3Q?

Aakash Ohri

So, Abhinav, right now, we are at almost about lakh plus on carpet. So right now, that's where we are. And just to tell you what Camellias is about now 2 lakhs on carpet. So, you do the math now, because we are almost sold out. As you know, we are sold out in Camellias. We have got nothing. So tomorrow, when people want to get into the DLF Golf Links, the price points, I think, will continue to go up. I don't want to right now speculate on what we are going to be. But if you see the gap between what Dahlias is today and what the present prices of Camellias are, I think that's what the catch- u

So, thank you so much for joining this call. As I think we sort of presented, and I think a lot of questions also are on the same tune that it's been a pretty strong performance. The key for us continues to be how do we sustain ourselves not only on the sales cycle, but also on the execution cycle because now between the rental buildings that we are building and the sales commitments that we have made, I think we are already building now in excess of almost 45 million square feet, which is under construction today. And that number will keep on growing, but that's the number that we have to tra

Management

Thank you.

Management

Speaking time

Ashok Tyagi

Moderator

Pritesh Sheth

Kunal Lakhan

Aakash Ohri

Abhinav Sinha

Sriram Khattar

Manish Dhariwal

Praveen Choudhary

Akash Gupta

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Opening remarks

Ashok Tyagi

Thank you. So good afternoon, everybody. Welcome to DLF Limited's Q4 and 2024-25 Year's Analyst Call. Hopefully, all of you have seen the presentation by now. In all fairness, I think across the board, be it sales, collections, cash flow, net debt, profitability and rentals, I think it's been, by and large, an extremely strong performance across the board. Our sales, as you know, have been, I think, our highest ever of INR 21,000 crores plus. We had collections of almost INR 11,750 crores, and operating cash surplus of INR 2,300 crores in the quarter and a total INR 6,200 crores cash surplus in the year. Our rating outlook had a strong PAT of INR 4,350 crores this year, which again is the highest for a long time now. There was one more metric that a lot of investors and analysts used to task us, which was that you must now over time, get into a double-digit ROE territory and you will be very happy to note that this year, we have had an ROE of 10.2%. So, we have crossed over to the doub

Sriram Khattar

Thank you, Ashok. The rental portfolio is now, as Ashok mentioned, a combination of DCCDL, DLF and Atrium Place. And this total portfolio now has operating assets of about 43-44 million square feet. And as you know, the pipeline is there for the next year, 18 months, this will go up further. The vacancy levels, as I had mentioned in the last quarters, are down to 6% which we had said we were targeting towards. And I am further pleased to say that if you take the occupancy by value, which means the rentals that you earn and the rental loss because of vacancy is about 4-odd-percent now. The progress on our rental side is pretty good. We, in this quarter, have received the occupancy certificate for Downtown 4 in Gurgaon. And about 10 days back, we have received the occupancy certificate for Downtown 3 in Taramani. Both these buildings, as you know, are preleased. The fit-outs are in an advanced stage, and the rentals should start in another 3 to 4 months' time. The construction of Downtow

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